New measures to help first home buyers

A package to improve housing affordability will support first home buyers by providing stamp duty exemptions and discounts, boosting housing supply and delivering infrastructure to support growing NSW communities.

The government has developed a new comprehensive package to improve housing affordability across the state.

For first home buyers, the package will:

abolish stamp duty on all homes up to $650,000

give stamp duty relief for homes up to $800,000

provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000

The package also considers the state’s growing population and the need to ensure that development occurs close to essential infrastructure such as roads, railway lines and schools.

Priority Precincts identified for growth and revitalisation will expand in Sydney to include more areas and fast-track the delivery of new homes in these areas. The expansion of these precincts, which will deliver around 30,000 additional homes, will allow for the acceleration of rezoning and for modern, more diverse developments to be built.

This expansion will increase the supply of housing in:

Belmore/Lakemba

Burwood/Strathfield/Homebush

Campsie/Canterbury

Cherrybrook (government land)

Frenchs Forest

Glenfield

Leppington town centre

Anzac Parade corridor

Riverwood

Schofields town centre

Seven Hills/Wentworthville

St Leonards/Crows Nest

Telopea

Turrella/Bardwell Park

Westmead.

Premier Gladys Berejiklian said she wanted to ensure that owning a home was not out of reach for people in NSW.

“These measures focus on supporting first home buyers with new and better-targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes,” Ms Berejiklian said.

“This is a complex challenge and there is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenges for our growing state.”

Minister for Planning and Housing Anthony Roberts said the package included measures to speed up planning processes to ensure developments get off the ground as quickly as possible.

“While we have done well to release an unprecedented amount of land, we need to do better with our development application process to ensure we are keeping up with demand,” Mr Roberts said.